Photo courtesyMichael Averett, Chief Revenue Officer (CRO) at Insigneo
Insigneo announced the appointment of Michael Averett as Chief Revenue Officer (CRO). This newly created role, based in Miami, will be reporting to Javier Rivero, President & COO of Insigneo.
As CRO, Averett will be overseeing the firm’s revenue-generating facets and actively driving the company’s organic growth strategy, the firm said.
Averett brings to Insigneo more than two decades of experience in financial services, concentrated in the United States as well as in Latin America. He has held leadership roles at Citigroup and led teams that delivered annual revenues of more than $150 million and, most recently, as Head of Business Development for Bolton Global Capital.
His expertise spans all functional areas of Global Wealth Management, including Cross-Border Team Leadership, Securities Industry Regulatory Environment, Business Strategy and P&L Management, showcasing a robust and proven track record in the financial services space.
He holds a Master of International Management from the Thunderbird School of Global Management and has his Series 7, 9, 10, 24 and 66 investment licenses.
During his career at Citi, Averett, who is fluent in Spanish, lived in Mexico and Colombia, where he gained valuable insights and experiences that contribute to his global perspective.
“We are delighted to welcome Michael to our growing Insigneo family; we are confident that his experience and background will complement our senior management team to contribute greatly to the future development and success of the firm and our clients,” mentioned Rivero.
The addition of Michael Averett to Insigneo’s leadership team highlights the company’s continued momentum to attract top industry talent, reinforcing its commitment to growth and excellence. With this incorporation, the company is poised for continued success by providing an exceptional experience to its network of investment professionals and positioning Insigneo as a leader, concluded the statement.
ATL, a broker of commercial insurance solutions, has expanded its global presence with the launch of ATL RE, an independent reinsurance broker serving the Latin America and the Caribbean markets via its new Miami office.
Through the new Miami hub, ATL RE will offer a comprehensive range of commercial reinsurance products including Financial Lines, Property and Energy, Construction, Accident and Health, Treaty and Marine, across a number of key Latin American markets, including Mexico, Ecuador, Argentina, Uruguay, Peru and Bolivia, the statement said.
To oversee ATL RE’s continued growth in this region, the company has appointed José Astorqui, former CEO and CCO of BMS Group Latin America and Caribbean, as Partner and CEO of ATL RE. Astorqui has a renowned track record of driving growth at some of the largest insurance brokers and providers in the world, having previously held the positions of CEO at Lions Gate Latin America and Caribbean, and Managing Director Latin America at Howden Insurance Brokers.
Joining Astorqui as part of ATL RE’s leadership team will also be Andrew Hye in the role of Partner and Executive Director, who joins from Summa Brickell where he was Head of Treaty and Energy, heading up the development of the business’ local network in the region. With over 40 years of experience in the international insurance and reinsurance industry, Andrew has also held leadership roles at BMS, Guy Carpenter and Aon.
Astorqui & Hye appointments are the first of several to be announced in the coming months as ATL RE continues to add internationally-recognised expertise to its team.
Iñaki Bandres, CEO at ATL and Chairman at ATL RE, commented: “We are delighted to announce the launch of ATL RE in Latin America and the Caribbean, as well as the appointments of José and Andrew to the leadership team. By bringing together some of the most distinguished experts from across the global insurance and reinsurance industry, with specialist knowledge of Latin America and the Caribbean markets, we’re able to expand our footprint further and provide our clients with a first-class service wherever they trade.”
José Astorqui, CEO at ATL RE, added: “I’m excited to be joining ATL RE and to oversee its growth into Latin America and the Caribbean; markets I have grown to know very well throughout my career. With the expertise already within the business, as well as incoming appointments, I’m very confident that we will be able to provide an unbeatable service to customers in the region.”
Insigneo announced the addition of Aventura Private Wealth LLC, and its founder Shmuel Maya, to their platform of global financial advisors.
“Leveraging the sophisticated capabilities of Goldman Sachs Advisor Solutions for domestic clients, Shmuel Maya and his team at Aventura Private Wealth, which includes Ahmed Roshdy and Andrea Bruno, both formerly of JPMorgan Chase, bring over 20 years of combined experience in private wealth management to their new venture. They collectively managed over $430 million at their previous firm. The new firm will draw on extensive experience in global financial markets and cater to high-net-worth individuals, the press release said.
“Our decision to transition aligns with the evolving needs of our valued clients. The launch of Aventura Private Wealth empowers us to seamlessly serve our client base. Our clientele spans a broad spectrum, encompassing business owners, individuals in the hotel industry, and multi-generational family wealth offices, for which we recognize the unique aspirations and objectives of such diverse groups. With this move, we unlock a realm of possibilities for our clients. The horizon is very bright, not just for our team but, most importantly, for our clients,” stated Shmuel Maya, owner of Aventura Private Wealth
Insigneo and Goldman Sachs Advisor Solutions have signed a custody agreement to support the domestic clients of Aventura Private Wealth.
Clients of Aventura Private Wealth will have access to Goldman Sachs Advisor Solutions’ institutional-grade investment capabilities, portfolio analytics, lending solutions, intellectual capital and research.
Shmuel and his team will focus on providing wealth management solutions to individuals, families, endowments, and retirement plans. This strategic move aims to capitalize on the growth and expansion opportunities in the Florida and Southeast markets, the statement added.
Jose Salazar, Market Head for Miami at Insigneo, expressed excitement about Shmuel’s addition to their wealth management platform stating, “We are thrilled to welcome Shmuel and Aventura Private Wealth to our team. Their experience and proven success in the industry will be a valuable asset as we continue to expand our business model in key markets across the US.”
Prior to Aventura Private Wealth, Shmuel worked at JP Morgan Chase for twelve years. He attended Northeastern University in Boston, with a focus in finance and political science. A native of South Florida, Shmuel lives in Aventura with his wife and three young children. He enjoys playing pickleball and participating in Miami’s vibrant art community.
Family office risk appetite is set to expand over the next 12 months as companies focus on acquisition opportunities amid expectations that inflation and interest rates will fall, new research from Ocorian shows.
Ocorian’s international study among family office investment managers shows investment risk appetite this year is much higher than last year. Almost half (46%) senior executives questioned in the international study say their organisation’s investment risk appetite will increase in the year ahead. That compares with just 8% who said their investment risk appetite increased in the past 12 months.
The key reason for the rise in investment risk appetite in the year ahead is the belief that pricing around deals will become more attractive. One in ten (10%) selected that as one of their top three reasons for an increased investment risk appetite, followed by lower interest rates (10%) and developments around artificial intelligence and technology (8%).
However major concerns identified in the study are global political uncertainty, costs in general increasing and worries that inflation may not fall.
Around 36% of firms whose investment risk appetite is falling cited political uncertainty while 22% highlighted costs in general increasing and 18% highlighted inflation as the reason for their declining risk appetite.
Ocorian’s study found family offices worldwide maintained their focus on risk mitigation over the last 12 months with 48% having increased their overall budget for risk management and 46% expanded EIS schemes. Around 44% have expanded their risk management budget.
Family offices are still very much focused on risk mitigation. Half (50%) will invest more in new technology in order to mitigate risks while 44% plan to expand their risk management budget and 42% will increase their overall budget for risk management.
Paul Spendiff, Head of Business Development – Fund Services, at Ocorian, said: “Investment risk appetite is clearly increasing with senior executives and major investors expecting a shift in global macroeconomic conditions as well as more opportunities for acquisitions at more attractive prices.
“The optimism about the year ahead and growing confidence is tempered by a focus on risk management and there is evidence from the study that companies have invested this year in new technology and risk management staff in order to expand in the year ahead.
“That focus is being maintained and we are seeing growing demand for our services as we help our clients solve these complex issues. In addition there are major concerns about the year ahead ranging from global political uncertainty and heightened global tensions in the Middle East and Ukraine as well as the risk of recession in major economies.”
Professionally managed assets in the U.S. stand at $60.4 trillion with the retail client channels comprising $30 trillion, while institutionalchannelassets climbed to $30.9 trillion, according to Cerulli’s research, The State of U.S. Retail and Institutional Asset Management 2023.
The marketshare split between retail and institutional grew closer to parity from 2013 to 2021, but after greater retailchannel asset declines in 2022, the trend reversed.
“Retail client channels that tend to have higher equity allocations, experienced a larger asset decline, reversing a longer-term trend where retail client channelassets had been growing faster than institutional client channelassets,” says Brendan Powers, director.
Cerulli expects this reversal to be temporary, as trends including retirement plan rollovers into advisor-managed individual retirement accounts (IRAs) and pension plans freezing and terminating should favor increased growth of retail channels.
Asset managers evaluating addressability in either channel should continue to foster relationships with professional buyers making investment decisions. Investment professionals building product shelves and model portfolios at broker/dealers (B/Ds), banks, or registered investment advisors (RIAs) should be a focus on the retail side.
On the institutional side, consultants and outsourced chief investment officers (OCIOs) as well as the RIA retirement plan aggregators and third-party fiduciaries that work with defined contribution (DC) plan sponsors should be a priority. “Asset managers cannot discount the role that intermediaries hold in distribution and should closely evaluate their sales and marketing resources to ensure coverage,” says Powers.
Additionally, asset managers’ focus on vehicle proliferation remains increasingly important as retail and institutional client segments continue to prefer a vehicle choice. On the retail side of the industry, there is heightened focus on exchange-traded funds (ETFs) and separate accounts. Additionally, firms are focused on optimizing the vehicle wrapper for retail alternative (e.g., private equity, private debt, hedge funds) exposures.
On the institutional side, there is a greater focus on collective investment trusts (CITs), especially among DC plans and their intermediaries.
“Despite the greater focus on other vehicle offerings, managers still need to be diligent about product management efforts for their existing mutual fund strategies, as the mutual fund is not going away. This includes share class/pricing analysis, rationalization exercises, and training/product position for distribution and marketing support,” concludes Powers.
Amundi US announced the appointment of Jason Xanthakis as Senior Managing Director, Head of US Intermediary and International Distribution, effective January 1, 2024.
Xanthakis has been a member of the Amundi US Intermediary Distribution team since December 2009, most recently as Senior Managing Director, Head of US Intermediary Strategy, Partnerships & National Accounts.
In his expanded US role, Xanthakis will lead Amundi US’s Intermediary Distribution Team in the US, while continuing to lead the distribution of US-managed investment solutions in the International Retail and US Offshore/Retail Latin American channels. Jason will continue to serve on the Amundi US Executive Committee, the firm said.
Jason Xanthakis
Xanthakis joined Amundi US in December of 2009, and has served in a variety of senior business development and sales positions inside and outside of the US. During a three-year appointment starting in 2019, Xanthakis was based in Paris and led the distribution of US-managed investment solutions across retail channels in EMEA and Asia. Upon his return to the US, he was appointed Senior Managing Director, Head of International Retail Business & US Intermediary Strategy, Partnerships, and National Accounts.
Xanthakis has 24 years of experience in financial services. He launched his career at Fidelity Investments where he was a Research Analyst in the Investment Services Division and held individual contributor and leadership roles across functions. Jason continued his career in Manager Research and Business Development at Ameriprise Financial’s Asset Management arm (RiverSource Investments; now part of Columbia Threadneedle). He has an MBA from Columbia Business School and a B.Sc. in Economics from the University of Piraeus, Greece.
The distinctions between advisor channels make it increasingly difficult for asset managers to break through and establish their products and services. Cerulli recommends asset managers focus their distribution efforts on the channels where home-grown portfolios remain prevalent, according to The Cerulli Edge—U.S. Asset and Wealth Management Edition.
According to the research, nearly two-thirds of financial advisors (60%) say their primary portfolio construction influence comes from within their own practice, while less than one-third (28%) report being influenced primarily by their broker/dealer (B/D) or custodian.
Asset managers should pay close attention to the profile of advisors who say they construct their own portfolios—advisors in the independent registered investment advisor (RIA) channel are the most likely to construct portfolios entirely in-house, followed closely by hybrid RIAs. Conversely, just one-third of advisors in the insurance B/D channel create portfolios within their own practices.
“While the RIA channel is made up of significantly more firms than the B/D channel, and with higher rates of practices that insource the investment management function, the channel has continued to consolidate, presenting an increased opportunity for asset managers to engage with the largest firms through key accounts efforts,” says Stephen Caruso, senior analyst.
Cerulli recommends asset managers aim distribution resources in favor of the channels such as independent and hybrid RIAs where advisors are more likely to select their own investments and can succeed by providing the resources needed to help advisors grow their asset bases and nurture client relationship.
“RIA advisors tell Cerulli they are more likely to respond positively to asset managers that take the time to understand their unique characteristics and needs and those that provide transparent access to key investment decision makers for a given strategy,” says Caruso.
The SEC has approved a list of ten exchange-traded products (ETP) that directly invest in the most popular cryptocurrency in the market, bitcoin, as announced by its chairman Gary Gensler in a statement.
“Today, the Commission approved the listing and trading of a number of spot bitcoin exchange-traded product (ETP) shares,” Gensler commented.
The measure is seen as a milestone for the digital asset sector of approximately $1.7 trillion, which will expand access to the cryptocurrency on Wall Street and other markets.
The funds will be able to start trading from this Thursday, January 11th.
The approvals also mark the end of over a decade of opposition from the SEC, since Tyler and Cameron Winklevoss first proposed a bitcoin ETF in 2013.
Last June, BlackRock made a request, which was initially denied but then supported by a ruling from an appeals court that called the denial “arbitrary and capricious.”
“I have often said that the Commission acts within the law and how the courts interpret the law. Beginning under Chair Jay Clayton in 2018 and through March 2023, the Commission disapproved more than 20 exchange rule filings for spot bitcoin ETPs,” added the chairman of the regulatory.
Gensler said that in the face of a new series of applications similar to those the SEC had already disapproved, the circumstances have changed.
“We are now faced with a new set of filings similar to those we have disapproved in the past. Circumstances, however, have changed. The U.S. Court of Appeals for the District of Columbia held that the Commission failed to adequately explain its reasoning in disapproving the listing and trading of Grayscale’s proposed ETP (the Grayscale Order). The court therefore vacated the Grayscale Order and remanded the matter to the Commission. Based on these circumstances and those discussed more fully in the approval order, I feel the most sustainable path forward is to approve the listing and trading of these spot bitcoin ETP shares,” detailed the chairman.
In addition, Gensler clarified that “importantly, today’s Commission action is cabined to ETPs holding one non-security commodity, bitcoin. It should in no way signal the Commission’s willingness to approve listing standards for crypto asset securities.”
On the other hand, he emphasized that “nor does the approval signal anything about the Commission’s views as to the status of other crypto assets under the federal securities laws or about the current state of non-compliance of certain crypto asset market participants with the federal securities laws. As I’ve said in the past, and without prejudging any one crypto asset, the vast majority of crypto assets are investment contracts and thus subject to the federal securities laws.”
Currently, investors can already buy and sell bitcoin in a number of brokerages, through investment funds, on national stock exchanges, through peer-to-peer payment applications, on non-compliant cryptocurrency trading platforms, and of course, through Grayscale Bitcoin Trust, says the SEC.
The commission clarifies that the action approved on January 10th will include certain protections for investors.
First, sponsors of bitcoin ETPs will be required to provide full, fair, and truthful disclosure about the products. Investors in any bitcoin ETP that is listed and traded will benefit from the disclosure included in public registration statements and required periodic filings. While these disclosures are required, it is important to note that today’s action does not endorse the disclosed ETP arrangements, such as custody arrangements.
Second, these products will be listed and traded on registered national securities exchanges. Such regulated exchanges are required to have rules designed to prevent fraud and manipulation, and we will monitor them closely to ensure that they are enforcing those rules. Furthermore, the Commission will fully investigate any fraud or manipulation in the securities markets, including schemes that use social media platforms.[3] Such regulated exchanges also have rules designed to address certain conflicts of interest as well as to protect investors and the public interest.
Further, existing rules and standards of conduct will apply to the purchase and sale of the approved ETPs. This includes, for example, Regulation Best Interest when broker-dealers recommend ETPs to retail investors, as well as a fiduciary duty under the Investment Advisers Act for investment advisers. Today’s action does not approve or endorse crypto trading platforms or intermediaries, which, for the most part, are non-compliant with the federal securities laws and often have conflicts of interest.
Third, Commission staff is separately completing the review of registration statements for 10 spot bitcoin ETPs simultaneously, which will help create a level playing field for issuers and promote fairness and competition, benefiting investors and the broader market.
The decision comes a day after a false post on the SEC’s X account (former Twitter) claimed that the agency had approved ETFs. The regulator later said the account had been compromised, causing a significant fluctuation in the price of Bitcoin.
Photo courtesyMatt Toms, new Voya Investment Management's
Voya Financial announced that Christine Hurtsellers, CEO of Voya Investment Management (IM), has informed the company of her decision to retire later this year.
Matt Toms, CIO of Voya IM, will succeed Hurtsellers as CEO, effective immediately, and Hurtsellers will now serve as a strategic advisor to the company until her retirement.
Toms has also joined Voya Financial’s Executive Committee and will now report to Heather Lavallee, CEO, Voya Financial. Hurtsellers will also continue to report to Lavallee.
Voya also announced that Eric Stein, who most recently served as CIO, fixed income, at Morgan Stanley Investment Management, has joined Voya IM as head of investments and CIO, fixed income. Stein reports to Toms.
“I am grateful to Christine for her amazing leadership and stewardship of our Investment Management business,” said Lavallee.
Lavallee added that over her almost 20-year career with Voya IM, including seven years of service as CEO, “Christine achieved a number of strategic, financial and operational outcomes, including the successful integration of several acquisitions that have expanded our asset management capabilities and global reach.”
I am thankful for having had the benefit of Christine’s insights, drive and passion for our business, and I wish her and her family all the best as she begins her transition to retirement. Also, I am excited to have Matt leading Voya IM as it executes on its growth strategy and continues to build on its strong pipeline across institutional and retail markets in the U.S. and internationally. Matt has been global CIO since 2022, has 30 years of asset management expertise, and has great insights into the needs of our clients. His deep knowledge and experience with our firm, and his passion for our clients, will serve him well as he leads Voya IM into its next stage of growth,” stated Lavallee.
“We have made great progress in evolving Voya IM to become the global firm that we are today,” said Hurtsellers. “The growth and expansion that we have achieved is the result of the hard work of our colleagues, who have always prioritized the needs of our clients. After almost 20 years at Voya, and as I look ahead to retirement and the ability to attend to my family’s needs, I am grateful for and proud of all that the team has accomplished over the years. In the meantime, I look forward to working closely with Matt and Heather — and to engaging with our clients, intermediaries and employees — to ensure a smooth transition.”
As Voya IM’s global CIO, Toms led the firm’s more than 300 investment professionals who are managing approximately $310 billion in assets under management across fixed income, equities, multi-asset solutions and alternative strategies. Previously, Toms served as CIO, fixed income. Prior to joining Voya IM in 2009, Toms worked with Calamos Investments, where he established and grew its fixed income business. He also previously held roles with Northern Trust and Lincoln National.
“It’s an honor to be leading Voya IM, and I am excited about the opportunities ahead,” said Toms. “Over the past several years, we have successfully grown our capabilities and our reach to serve the expanding needs of our clients, and I’m looking forward to working with the many talented professionals across our firm to continue our growth trajectory. I also want to express my tremendous gratitude to Christine for her leadership and guidance. I am grateful to have her insights and perspective as we make a smooth transition.”
Stein, in his new role as head of investments as well as CIO, fixed income, will directly lead the public fixed income investment team as well as oversee the broader equities, income and growth, and multi-asset strategies and solutions investment teams. Chris Lyons, head of private fixed income and alternatives investments, will continue to report to Toms.
As CIO, fixed income at Morgan Stanley IM, Stein was responsible for overseeing 275 professionals and the management of investment strategies for Morgan Stanley’s approximately $200 billion fixed income platform, including agency mortgage-backed securities, emerging markets, floating-rate loans, high-yield, investment grade credit, multi-sector, municipals and securitized strategies.
Prior to Morgan Stanley IM, Stein held several portfolio management roles at Eaton Vance since 2009, including most recently serving as CIO for Eaton Vance’s entire fixed income group, which included investment teams across high-yield, bank loan, municipal investments, emerging market debt/global macro, securitized, investment grade corporate and multi-asset investment disciplines, the firm added.
“I am excited to have Eric on the Voya IM leadership team,” added Toms. “His more than 20 years of investment experience and demonstrated expertise in leading sizable teams throughout his career will no doubt bring great value to our investment teams and our clients. Equally important, Eric’s approach to money management aligns fully with the collaborative approach of our investment professionals at Voya IM. I am looking forward to having his leadership and insights as we execute on our growth plans.”
The center of gravity in ESG is shifting, which presents a fresh set of challenges—and opportunities—for corporate America’s CEOs, as detailed in a new report by The Conference Board.
While major institutional investors were once the most consistently vocal stakeholders driving companies’ ESG agendas, today, regulators and business partners are exerting increasing influence. At the same time, companies are facing opposition to their ESG agendas, with 61% of surveyed US firms saying “ESG backlash” will stay the same or increase in the next three years.
“As CEOs seek to integrate sustainability more deeply into their business strategy, they will face the challenge of not having their sustainability initiatives driven by generic regulatory requirements, but instead shaped by external factors such as customer demand, the state of sustainability in their industry, and the interplay of technology and sustainability,” said Merel Spierings, Senior Researcher at The Conference Board and co-author of the report.
This evolving landscape calls for CEOs to take a proactive approach to ESG, including focusing on ESG-related business opportunities; assessing the ROI of sustainability investments; engaging the board as thought partners; collaborating effectively with business partners; and deciding whether to adopt a purpose statement.
Insights and findings from the report include:
-CEOs should maintain their focus on ESG-related business opportunities
–While companies are increasingly held accountable for delivering returns on their ESG initiatives, they lack a consistent methodology for measuring and reporting on the ROI of ESG
-CEOs should meet the board where it is on its sustainability journey
–Compared to traditional business objectives, companies need increased levels of horizontal and vertical collaboration to achieve their ESG goals
The report was produced in collaboration with Ramboll and Weil, Gotshal & Manges LLP. It features insights from a Chatham House Rule convening with CEOs from the US and Europe on how to best integrate ESG into a company’s business strategy and operations. To see the full report you must access the following link.
